47(1)This paragraph applies if—U.K.
(a)a period of account of a trade begins before 6th April 2004 and ends on or after 6th April 2005 (“the straddling period of account”), and
(b)as a result of paragraph 48, the profits or losses of the period of account are to be calculated in accordance with Part 2 of this Act.
(2)Subsection (2) of section 173 (valuation of trading stock on cessation) does not apply in relation to the part of the period of account which—
(a)begins with the straddling period of account, and
(b)ends with 5th April 2004,
and the profits or losses of the trade are to be calculated accordingly.